Yoma Strategic Holdings, a subsidiary of conglomerate Yoma Holdings, has agreed to pay $76.5m for the stake in Myanmar-based money transfer service Wave Money held by telecommunications company Telenor, S&P Global revealed yesterday.
Formally known as Digital Money Myanmar, Wave was formed in 2015, before Yoma acquired a 34% share in 2018. It subsequently paid $6m to buy a further 10% from investment firm First Myanmar Investment in November 2019.
Wave has built an online platform that enables users to send and receive money across borders through their smartphone or through a network of local shops with which it has partnered.
Yoma Strategic Holdings is establishing a vehicle called Wave Holdco with a further $25m and will emerge with a 63.8% stake in Wave once the deal closes, according to S&P.
Ant Financial, Alibaba’s financial services affiliate, agreed in May this year to provide $73.5m in funding for Wave through a partnership deal, though it is currently unclear how large a stake it will hold.
